Energy and Utility Industry Credit Union Reports $14 Million Contribution to Its Members

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Utilities Employees Credit Union recently announced its contribution of $14 million to the 45,000 member-owners of the nationwide cooperative financial institution, which serves employees and family members in the utility and energy industry.

Utilities Employees Credit Union President Glen A. Yeager speaks to members at the organization’s annual meeting.

UECU enriched its members with more than $14 million in 2011.

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Utilities Employees Credit Union (UECU), a virtual credit union serving the utility and energy industry nationwide, recently reported on its contribution of $14 million to its 45,000 members during the 2011 fiscal year. The organization made the announcement at its annual meeting held on March 29, 2012 at its Wyomissing, PA headquarters. UECU, which has no stockholders, is a full-service financial institution whose member-owners receive the credit union’s profits in the form of financial rewards, lower fees, and superior savings and lending rates.

“Through interest on their savings, a year-end Member Loyalty Bonus™, and our rewards programs, in 2011 alone UECU enriched its members with more than $14 million,” says Glen A. Yeager, President and Chief Executive Officer of UECU. “And that doesn’t encompass the millions more we saved members in loan interest and fees that they would have paid by taking their financial business elsewhere.”

UECU also announced several new and upcoming 2012 initiatives, which include the addition of a wealth management department, a new financial rewards program for its youth members, and new additions to the credit union’s wide variety of electronic financial services.

“In 2012, UECU will expand our members’ investment choices, enhance their home banking options, and introduce a user-friendly mobile banking application,” says Yeager. “And we’ll be there for our members, as we always have been, to personally address each of their financial needs.”

UECU’s annual meeting included reports from Yeager and the UECU Board of Directors on the credit union’s 2011 financial performance and achievements, which included UECU’s recognition for financial stability, with the highest A+ “Excellent” Rating from the independent Weiss Ratings firm, received by only 28 of 7,000 U.S. credit unions. Last year was also marked by UECU’s introduction of its Member Loyalty Bonus™, making UECU one of an elite number of U.S. credit unions to offer members a year-end bonus dividend, which totaled $1.2 million, to reward members’ commitment to doing business with their credit union.

The organization’s 2011 UECU Annual Report is available on the UECU website and video coverage of the UECU Annual Meeting is provided on Utilities Employees Credit Union’s YouTube Channel at the following location: http://www.youtube.com/user/UECUorg. All UECU members receive a yearly invitation to participate in the annual meeting. The event is also attended by the credit union’s volunteer Board of Directors, who serve as representatives of its members and are employees or retirees from several of the 600 utility and energy companies that offer UECU membership as a free employee benefit.

About Utilities Employees Credit Union:
Utilities Employees Credit Union is a nationwide, virtual credit union providing financial services to utility and energy workers and their families since 1934. Its membership includes the employees of 600 companies and members of Energy People Connect, an association for individuals currently employed or pursuing employment in the energy industry. In 2011, UECU received the distinction of joining the less than one percent of U.S. credit unions to receive an A+ “Excellent” Weiss Rating for financial soundness and one of the few financial institutions to reward its members with a year-end bonus dividend, which last year totaled $1.2 million.